News
Japanese tech giant Sony enters the cryptocurrency exchange business with this acquisition
In the latest development, Japanese tech giant Sony has made a quiet move into the cryptocurrency industry by acquiring cryptocurrency exchange Amber Japan. Sony Group, a $100 billion conglomerate, now expands its cryptocurrency business beyond music, games, cameras, etc.
Sony’s foray into the cryptocurrency sector
In his exclusive report, Chinese crypto reporter Colin Wu reports that Amber Group entered the cryptocurrency industry when Singapore-based market maker Amber acquired Japan-regulated cryptocurrency trading platform DeCurret in early 2022. Subsequently, the Singapore-based group has rebranded the company as Amber Japan.
However, with the collapse of FTX Towards the end of 2022, the Amberg Group began to face serious financial difficulties and reportedly had to enter into a debt-for-equity transaction with Fenbushi Capital.
Amber Group’s key investors include Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Colin Wu said that Sony’s acquisition of Amber represents a strategic expansion into the cryptocurrency exchange space while leveraging its strong market position. It will be interesting to see whether Sony can turn the tide of the cryptocurrency exchange.
Exclusive: Sony Group, one of Japan’s largest companies, has acquired Amber Japan, officially entering the cryptocurrency exchange space. Sony’s businesses include games, music, cameras, etc., with a market value of over $100 billion. Singapore market maker Amber Group has acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
Read also: BitFlyer Exchange plans to acquire FTX Japan
Japan’s emerging crypto landscape
The cryptocurrency landscape in Japan has changed quite rapidly recently due to the sharp devaluation of the Japanese yen and some monetary policies by the Bank of Japan. Last week, JPY
has fallen to lower levels, thus pushing more investors to adopt a Bitcoin-based strategy.
Similar to Microstrategy, Japanese companies like Metaplanet have started making Bitcoin a part of their treasury. Through the sale of bonds, Metaplanet announced his plan to purchase $7 million worth of Bitcoin.
Metaplanet is also strengthening its presence in the cryptocurrency market by establishing a new subsidiary in British Virgin Islands. This move is part of his broader strategy to improve his approach to Bitcoin investing and increase his Bitcoin reserves, in line with his long-term financial goals.
Read also: Aptos partners with Alibaba to transform the Web3 landscape in Asia